Deal Done

Mrs Clinton has still not admitted in public that she lost the contest, but on Saturday she will do so "and express her support for Senator Obama".

I think there's a good chance this means that a deal has been made for Hillary to accept the VP position. As much as Barack must hate the idea, the excitement and explosion of media swooning this would ignite might give him a chance to beat McCain.

The BBC's Jane O'Brien in Washington says that as Mr Obama was claiming victory, Hillary Clinton stunned even her own supporters with a speech that offered no indication that she was giving up.

There is speculation that the delay in conceding was an attempt to position herself as a possible vice-president, our correspondent adds.

Hillary loses nothing strategically in terms of her goal to become President. If they lose, she runs in four years, an opportunity that she would have more than earned. If they win, she has to serve as VP, but is well positioned for her own run if she's got the stuff at age 69.

As much as the media dies over the "groundbreaking" silliness, imagine the free ride they'd get as a double whammy - a first black, first woman twofer.